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Six-Time Award Winner Hargol FoodTech Completes Investment Round

Jul 17, 2017

Six-Time Award Winner Hargol FoodTech Completes Investment Round

Hargol FoodTech raises $600,000 to expand production capacity of its alternative protein facility.

PR Newswire

MISGAV, Israel, July 17, 2017

MISGAV, Israel, July 17, 2017 /PRNewswire/ --

Hargol FoodTech, a portfolio company of The Trendlines Group (SGX: 42T; OTCQX: TRNLY), announced today that it completed a financing round of $600,000 from Sirius Venture Capital in Singapore and SLJ Investment Partners in The Netherlands. Hargol FoodTech has developed a high-quality and sustainable protein ingredient from commercially farmed grasshoppers.

Edible insects are gaining momentum as a high-protein, low-cost alternative that is efficient to produce and requires minimal resources compared to other protein-rich foods. According to a recent report on CBInsights, "designing new protein sources based on plants, algae, and insects to reduce meat consumption and lessen reliance on livestock is gaining traction. Since 2012, dozens of investors have backed startups designing plant-based beef substitutes, nut- and plant-based milk, insect protein snacks, and other products with potential to reduce consumption of animal products." [1]

Hargol FoodTech took up the challenge of providing a protein alternative based on its proven technology and optimized methods to grow several species of grasshoppers quickly and under sanitary conditions. In field trials, the Company proved that the product has a 72% protein content level, contains all essential amino acids and a balanced ratio (1:1) of omega-3 and omega-6.

"Hargol FoodTech is the world's first commercial grasshopper farm. Our unique grasshopper protein, superior to any other protein source in nutritional content and efficiency, is attracting customers from all over the globe. The funds we raised will be used to expand our production capacity to meet the demand we have from the market," remarked Dror Tamir, CEO of Hargol FoodTech.

Sophie Dahan, Director of SLJ Investment Partners, commented on their investment in Hargol: "Possibly the most unusual and exhilarating startup investment SLJ has made. With Hargol we not only see a company which can achieve great commercial success, but also one which can have a positive social and environmental impact, something which is very important to SLJ. We have great hopes for Hargol and look forward to being on this unique journey with this game-changing company."

"We are pleased to support a revolutionary food tech start-up helmed by forward-thinking and passionate founders," says Eugene Wong Hin Sun, Founder and Managing Director of Sirius Venture Capital Pte. Ltd. "By investing in a venture that offers pioneering solutions to circumvent the foreseeable shortage in animal protein, we are advocating new dietary habits, and at the same time, generating new market opportunities. The fact that Hargol has won many international awards for its novel methodology and technology is strong validation of rigorous business models and plans. This is one of the prerequisites for continual scaling."

Sirius Venture Capital Pte Ltd is a Singapore-based venture capital and entrepreneurial finance company. The company's investment portfolio comprises a mix of early-stage start-ups and high-growth small and medium-sized enterprises (SMEs) in the food domain. Apart from infusing capital, Sirius works collaboratively with company stakeholders in the areas of corporate development, strategic planning and corporate governance.

About SL Investment Partners

SLJ Investment Partners is a privately owned Dutch investment fund. We strive to invest in a diverse range of visionary startups at the cutting edge of their industries. At SLJ we gain great reward from helping startups achieve success.

About Hargol FoodTech

Hargol FoodTech has developed optimized methods and technology to enable growing several species of grasshoppers quickly and under sanitary conditions for a reliable, sustainable, and quality protein source. Hargol FoodTech's product lines will include grasshopper protein powder, food additives, and pet food. Hargol FoodTech has won multiple awards, among them TLV Startup Challenge, Get in the Ring Global, Green Impact Summit.

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